Future Market Insights, an ESOMAR-certified market research provider, opines that the long-term outlook for the hydrogen electrolyzer market will remain optimistic with growth pegged at 10% through 2030.
With costs of renewables substantially dropping, making them more competitive with conventional fuels, their use as feedstock for hydrogen electrolysis will boost market growth subsequently.
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Research for hydrogen fuel cell technology, H-CNG, and mobility solutions will play a vital role in the market dynamics of hydrogen electrolyzers. With the growing popularity of fuel cell technology in automotive, notably electric mobility, demand for on-site hydrogen production will proliferate.
“The rising availability of CAPEX subsidies, tax rebates and low electricity costs will strongly intensify the adoption of hydrogen electrolyzers. In addition, hydrogen electrolyzers will provide the missing link between hydrogen and green electricity across various countries as it strives to achieve a de-carbonized environment” says FMI analyst.
Key Takeaways for Hydrogen Electrolyzer Market Study
- PEM electrolyzers are expected to witness a higher demand growth vis-à-vis other electrolyzer variants on the back of high purity output and economical features with regards to operations
- Countries in Western Europe and the Asia Pacific are key to the growth of the hydrogen electrolyzer market, on account of their high growth potential & considerable market size
- Accelerated demand for high purity of hydrogen is boosting the uptake of hydrogen electrolyzers over competitive technologies such as SMR
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Despite Prevailing Uncertainties, Experts Eying Green Hydrogen Post Pandemic
The global COVID-19 pandemic has put manufacturing, supply, and demand of hydrogen electrolyzers on hold. In the second quarter of 2020, countries such as Italy experienced a 20% reduction in demand for power thus impacting the hydrogen electrolyzer market.
Economies around the world are utilizing this time to invest in green hydrogen to kick start growth. Countries such as Portugal, the Netherlands, and Australia are already investing rigorously in this technology. This is in alignment with the EU’s green deal plan to decarbonize and bring emissions down to zero by 2050.
Hydrogen Electrolyzer Market: Competitive Landscape
The global market players are striving to drive their market revenue at more than 20% every year. This is being done by bringing down investment costs through collaboration.
For instance, ITM Power and Linde have collaborated to open up a factory in Sheffield, UK to enhance their electrolysis capacity per year by at least 1GW.
Similarly, NEL and Hydrogenics are gearing up for projects that aim to produce 20MW of hydrogen in Denmark and Canada respectively. By scaling up the size of the plants, manufacturers are looking at reducing their overall costs in the production of hydrogen
Hydrogen Electrolyzer Market Taxonomy
The global Hydrogen Electrolyzer market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the reader.
By Product Type
- Proton Exchange Membrane (PEM) Electrolyzer
- Alkaline Electrolyzer
- Solid Oxide Electrolyzer
- Low (<500 kW)
- Medium (500 kW to 2 MW
- High (Above 2 MW)
By Output Pressure
- Low (≤10 bar)
- (10 bar – 40 bar)
- High (≥ 40 bar)
- Refinery Industry
- Power to Gas
- Metal Production & Fabrication
- Pharma & Biotech
- Food & Beverages
- Glass Industry
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa
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FMI in its new market research study offers an unbiased analysis of the hydrogen electrolyzer market which comprises global industry analysis for 2015–2019 and opportunity assessment for 2020–2030. The report offers a complete analysis of the global hydrogen electrolyzer market through four different categories – product type, capacity, outer pressure, end-user, and region. The global hydrogen electrolyzer market study provides information of pricing by different application analysis, product life cycle, capacity assessment, key market trends, and technologies that are being implemented in the deployment or installation of the hydrogen electrolyzer and product adoption in varied end-use industries.